Value Added Tax

Practical, in-depth commentary on VAT, written in a clear style, at an intermediate level.

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About this work

This extensive volume (over 1,100 pages in its earlier printed form) offers clear, practical commentary on those VAT topics that accountants and tax advisers are called to deal with on a regular basis. The book looks at property, cross-border transactions, partial exemption and the capital goods scheme, zero rating, reduced rating, exemptions, special schemes (including the flat rate scheme), VAT groups, and the practical aspects of dealing with HMRC.

Table of contents

• • Introductory material

• • First principles

• • Consideration

• • Valuation

• • Supplies

• • Transfer of a going concern

• • Input VAT recovery

• • Business promotions – gifts, samples and vouchers [expanded by way of example]
    • Introduction
    • Business gifts [expanded by way of example]
      • Introduction
      • Definition and VAT treatment
      • Gifts to the general public through an intermediary
      • Reclaiming input VAT
      • Sales of gifts, end of useful life
      • Display equipment and sales rewards
      • Gifts for non-business purposes (e.g. to charities)
      • Gifts of services
      • Business entertainment and gifts to employees
    • Samples
    • • Vouchers

• • Bad debt relief

• • Agency

• • Land, property and construction – introduction and overview

• • Option to tax

• • Supplies of land and buildings

• • Construction projects

• • Property and the TOGC rules

• • Construction reverse charge scheme

• • Land, property and construction – other considerations

• • Cross-border VAT – introduction

• • The place of supply

• • Place of supply of goods – practical implications

• • Cross-border VAT refunds

• • Northern Ireland protocol

• • Partial exemption [five separate chapters]

• • Zero rating and reduced rating

• • Exemption

• • Special schemes – introduction

• • The flat rate scheme for small businesses

• • The cash accounting scheme

• • The annual accounting scheme

• • The second hand margin scheme [six separate chapters]

• • The tour operator’s margin scheme

• • Agricultural flat rate scheme

• • VAT groups [five separate chapters]

• • Dealing with HMRC [eight separate chapters]